Norcross, GA, March 25, 2010 - Comverge, Inc. (Nasdaq: COMV), a leading provider of smart grid, demand management and energy efficiency solutions, today announced that it has been selected by PECO, an electric and natural gas utility subsidiary of Exelon Corporation (NYSE: EXC), to provide a comprehensive program to support the PECO Smart IdeasSM initiative. The new program, built on Comverge's Apollo Demand Response Management System (DRMS) software, the industry's leading energy management platform, makes PECO one of the state's first utilities to address the energy efficiency and demand response targets mandated by Pennsylvania Act 129. The agreement is subject to oversight by the Pennsylvania Public Utility Commission.
Based in Philadelphia, PECO is the state's largest utility, serving 1.6 million electric and 485,000 natural gas customers in Southeastern Pennsylvania. PECO selected Comverge to support its broader energy efficiency goals as part of PECO Smart Ideas, a suite of energy saving programs supporting Pennsylvania Act 129 targets of reducing energy consumption by 3 percent and peak demand by 4.5 percent by a 2013 deadline. Under the 3-year agreement, Comverge will provide full turnkey services for the PECO Smart A/C Saver program including hardware, enrollment, installation and call center services. The agreement includes the installation of more than 145,000 residential and commercial energy management devices, making this the largest deployment in the state of Pennsylvania and one of the largest in the country.
"The PECO Smart Ideas suite of programs are part PECO's ongoing efforts to help customers save energy and money" said Frank Jiruska, director of Energy and Marketing Services, PECO. "To meet that commitment to customers, we needed a partner that could cost effectively deliver a comprehensive and proven platform to support both our current and future energy efficiency initiatives. After careful evaluation, Comverge was a clear choice given the scale and scope of our programs. Their experience and presence in the region, combined with the breadth of their turnkey services, will help us empower our customers with the information they need to reduce energy consumption and ultimately save money."
PECO is one of the Greater Philadelphia region's most active corporate citizens, providing leadership, volunteer and financial support to numerous arts and culture, education, environmental, economic development and community programs and organizations. A proven industry leader, PECO recently received a $200 million Smart Grid Investment Grant from the U.S. Department of Energy. As one of only six utilities in the country to receive a maximum $200 million grant, PECO will use the funds to create a two-way smart grid/smart meter system to improve local electric service reliability and also help advance use of renewable energy sources.
"PECO is building on its leadership position and their commitment to helping customers save energy and money," said Comverge President and CEO, R. Blake Young. "The PECO Smart Ideas program shows what is possible today and is an excellent model as utilities expand their current energy efficiency initiatives with an eye towards the smart grid. This type of deployment fits perfectly with our expertise and we are delighted to be able to provide both the technology platform and services to support PECO's compliance with Pennsylvania Act 129 and its broader energy initiatives both now and in the future."
The partnership with PECO extends Comverge's footprint in the Mid-Atlantic, which includes smart grid ready programs with other top utilities in the region.
With over 3,300 megawatts of clean energy capacity under management, Comverge is a leading provider of comprehensive smart grid, demand management, and energy efficiency solutions that improve grid reliability and supply electric capacity by reducing base load and peak load energy consumption. For more information, visit www.comverge.com. Apollo is a registered trademark of Comverge, Inc.
For Comverge Investors
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. These forward looking statements include deployment of the Apollo DRMS software by utilities, implementation and operation of the software, expectations about reducing strain on the electric grid, and certain assumptions upon which such forward-looking statements are based. The forward-looking statements in this release are not, and do not constitute historical facts, do not constitute guarantees of future performance and involve a number of factors that could cause actual results to differ materially, including risks associated with Comverge's business involving our products, the development and distribution of our products and related services, regulatory changes, grid operator rule changes, economic and competitive factors, our key strategic relationships, and other risks more fully described in our most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Comverge assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.